Your Localized Market Report
Phoenix, AZ 85024
Single-Family Homes
Lawyers Title Arizona & Grand Canyon Title Agency www.LawyersTitleArizona.com & www.gcta.com
Phoenix, AZ 85024
Thu Apr 25 2024
This week the median list price for Phoenix, AZ 85024 is $659,490 with the market action index hovering around 54. This is an increase over last month's market action index of 52. Inventory has decreased to 40.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $659,490 | |
| Median Price of New Listings | $602,500 | |
| Per Square Foot | $313 | |
| Average Days on Market | 55 | |
| Median Days on Market | 35 | |
| Price Decreased | 30% | |
| Price Increased | 13% | |
| Relisted | 8% | |
| Inventory | 40 | |
| Median Rent | ||
| Market Action | 54 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code bounce around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $889,450 | 3,038 | 6,500 - 8,000 sqft | 4 | 3 | 17 | 1 | 1 | 56 |
| $683,780 | 2,025 | 4,500 - 6,500 sqft | 4 | 2.5 | 1 | 0 | 1 | 56 |
| $636,450 | 2,006 | 4,500 - 6,500 sqft | 3 | 2 | 26 | 1 | 2 | 24 |
| $489,997 | 1,561 | 4,500 - 6,500 sqft | 3 | 2 | 35 | 2 | 4 | 17 |